GDP data is released quarterly, component. In order to follow the economic trend in a more timely manner, we can monitor the different components that made up the GDP. Private consumption is often the largest component of the GDP.

Table 2a : % Share of Expenditure on GDP (Malaysia)

(1) Retail sales - what consumers purchase day to day

Figure 2a - Malaysia’s retail sales and private consumption growth.

Figure 2a : Malaysia's Retail Sales and Private Consumption

Figure 2b - US retail sales and private consumption growth.

Figure 2b : US Retail Sales and Private Consumption

Figure 2c - US retail sales by kind of business.

Figure 2c : US Retail Sales by Kind of Business in 2002

Figure 2d - Malaysia’s retail sales by kind of business.

Figure 2d : Malaysia's Retail Sales by Kind of Business in 2002

The most common definition of recession is 2 consecutive quarters of quarter-on-quarter negative GDP growth. In Malaysia, recession is when annual GDP growth turns negative. In the US, recession is determined by the National Bureau of Economic Research, where it is a period of a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Figure 2e - Malaysia’s specialised stores.

Figure 2e : Malaysia's Retail Sales at Specialised Stores in 2002

Table 2b : Malaysia's specialised stores by business

Figure 2f - Sales at non-specialised stores.

Figure 2f : Retail Sales at Non-specialised Stores

(2) Auto sales - monthly sales volume of passenger and commercial vehicles

Figure 2g - Auto sales and private consumption move in the same direction.

Figure 2g : US Vehicle Sales and Private Consumption

Figure 2h - Japan’s passenger car sales and private consumption are weak.

Figure 2h: Japan's Passenger Car Sales and Private Concumption

Figure 2i - Malaysia’s passenger car sales and private consumption move in close step.

Figure 2i : Malaysia's Vehicle Sales and Private Consumption

Table 2c : Vehicle sales

(3) Consumer Confidence Index – higher consumer confidence leads to higher consumption expenditure

US - This monthly consumer confidence index is released by the Conference Board. The index is based on a survey asking 5,000 households 5 questions. The 5 questions are listed in Table 2d.

Table 2d

Figure 2j - Consumer confidence index and private consumption.

Figure 2j : US Consumer Confidence and Private Consumption

(4) Personal income

US - The monthly personal income data covers income from all sources (salary, rental income, dividends, etc).

Figure 2k - US personal income and private consumption.

Figure 2k : US Personal Income and Private Consumption

Figure 2l - Japan workers’ households income has been on a continuous decline and caused weak private consumption.

Figure 2l : Japan's Workers Households Income and Private Consumption